Understanding Pension Options in Ireland: A Guide for Workers

Navigating pension options in Ireland can seem daunting, but it doesn’t have to be. Whether you’re employed, self-employed, or in the public service, there’s a pension scheme suitable for you.

Different Types of Pensions in Ireland

  • Occupational Pensions: These are set up by employers. If you’re working for a company, they may offer one.
  • Personal Pension Plans (PPP) & Personal Retirement Savings Accounts (PRSA): Ideal for those who wish to set up their own pension. Especially beneficial if your employer doesn’t offer an occupational pension.
  • Public Service Pensions: Exclusively for those in public service roles.

All these options, combined with the State Pension, aim to ensure you’ve a steady income upon retirement.

Why Pensions Matter

Many people don’t realise how much they’ll need to cover day-to-day expenses once they retire. Contributing to a pension isn’t just wise; it’s a savvy financial move. This is because:

You enjoy potential tax reliefs, making it easier on your pocket.

The beauty of compound growth means your investments grow faster over time.

The Tax Benefits of Pensions

Pensions in Ireland offer brilliant tax efficiencies:

  • Receive tax relief on your contributions based on your income tax rate.
  • Your pension pot grows tax-free until you decide to retire.
  • Upon retirement, you can often avail of a tax-free lump sum (currently, a lump sum up to 25% can be taken tax-free).
  • If you’ve a PRSA or Occupational Pension, employers might contribute more, without affecting your personal contributions.

Peace of Mind for the Future

While retirement planning might seem overwhelming, remember: the earlier you start, the easier it becomes. Your pension fund provides a reliable source of income during your retirement years, giving you peace of mind and financial security because investment growth does most of the work for you. . And remember, it’s never too late to kick start your pension journey.

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Your business is your baby, so it deserves protection. Our team of experts will guide you through informed decisions to provide tailored policies. Shield your business against unexpected setbacks and ensure stability, whether you’re a startup or an established corporation. We’ll create a financial plan that will guide the balance of your personal finances and your long-term business goals.

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5) Obtain guidance onto Owner/Director on Pension planning and legislation
6) Referral to a Life/Business Coach where relevant

Plan for your business’s long-term financial goals:
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With low deposit rates and high inflation rates, savings and investment plans are appealing right now. We understand what it’s like to make sacrifices to accelerate your savings goals so you can achieve your dreams. That’s why we provide expert guidance so you can take charge of your future without sacrificing your valuable time.

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Whether you are a first-time buyer, mover, switcher or looking to invest in a rental property, we have a mortgage solution to fit your unique situation. Over 60 and looking to release equity in your home to support your children, go on that dream holiday or pay off bills? We find the mortgage most suitable for you and your family’s needs and support you through the entire process. You’re guaranteed to find the best mortgage option for your financial needs and goals, with impartial advice and competitive rates.

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Secure your future and that of your loved ones beyond homeownership with life assurance, income protection and pension advice. Whatever your stage of life or money situation, our team of experts will help you make informed decisions to safeguard your financial future.

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2) Work with our dedicated Financial Advisors committed to safeguarding your future
3) Helping you get the guidance you need to achieve your long-term financial goals

Safeguard your financial future today:
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2. Create a plan!
3. Gather and submit your information
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